The invention provides a panel punching machine with an improved feed mechanism, and belongs to the field of punching equipment. The panel punching machine comprises a machine body. The machine body is provided with the feed mechanism. The feed mechanism comprises a first feed table which is movably connected with the machine body and can move on the machine body front and back. The first feed table is driven by a first drive motor. The first feed table is provided with transmission lead screws in the length direction of the first feed table. The transmission lead screws are rotationally connected with the first feed table, and the transmission lead screws are driven by a second drive motor. The transmission lead screws are provided with a second feed table in screw joint with the transmission lead screws. The second feed table is provided with a clamping mechanism. When the transmission lead screws rotate, the second feed table can be driven to move in the axial direction of the transmission lead screws. The feed mechanism further comprises a limiting mechanism used for limiting the movement of the second feed table in the radial direction of the transmission lead screws. The panel punching machine is reasonable in structural design, and stepping punching of panels can be finished.